Focus on cash flow and improving financial strength and the balance sheet
First written in FY2016. 11 of 40 entries say "Worsened", first in FY2020. Latest entry: 2026-11-12.
Daishinku Corp. moved to the "Worse" side of this theme in 2020, 5 years before the typical company in this theme (2025).
6 other companies' latest entry also says "Worsened".
- 2026-11-12WorsenedResults
「現金及び現金同等物の増減額（△は減少） △1,912,715」
現金及び現金同等物は中間期末に14,066百万円となり、期首から1,912百万円減少した。自己資本比率も前期末の39.5％から38.9％へ低下し、営業活動によるキャッシュ・フローは360百万円の支出となった。 - FY2027-H1WorsenedAnnual report
「Cash and cash equivalents (hereinafter, "funds") decreased by ¥1,912 million from the end of the previous consolidated fiscal year to ¥14,066 million during the interim consolidated accounting period.」
Cash and cash equivalents decreased by ¥1,912 million from the end of the previous consolidated fiscal year to ¥14,066 million. The equity ratio also declined from 39.5% to 38.9%, indicating continued pressure on the financial position. - 2026-08-10WorsenedResults
「現金及び預金は16,346百万円から15,802百万円に減少し、自己資本比率は、前期末に比べ0.5ポイント減少し、39.0％となりました。」
現金及び預金と自己資本比率が前期末から低下した。 - FY2026WorsenedAnnual report
「Cash and cash equivalents during the current consolidated fiscal year decreased by ¥2,523 million from the end of the previous consolidated fiscal year due to factors including an increase in inventories, ending the current consolidated fiscal year at ¥15,979 million. As a result, the equity ratio decreased by 1.7 percentage points to 39.5%.」
Cash and cash equivalents decreased by ¥2,523 million from the end of the previous fiscal year, while cash flow from operating activities was an outflow of ¥1,779 million. The equity ratio fell to 39.5%, and pressure on the financial position continued. - FY2026-H1WorsenedAnnual report
「Cash and cash equivalents during the interim consolidated fiscal period decreased by ¥2,402 million from the end of the previous consolidated fiscal year to ¥16,100 million.」
Cash and cash equivalents decreased by ¥2,402 million from the end of the previous consolidated fiscal year to ¥16,100 million. The equity ratio also declined from 41.2% at the end of the previous consolidated fiscal year to 40.9%, indicating continued pressure from the perspectives of cash-flow focus and improvement of the financial position. - FY2025-H1WorsenedAnnual report
「Cash and cash equivalents during the interim consolidated fiscal period decreased by ¥4,700 million from the end of the previous consolidated fiscal year to ¥19,654 million.」
Cash and cash equivalents decreased by ¥4,700 million from the end of the previous consolidated fiscal year to ¥19,654 million. Among the key indicators, net assets declined from ¥47,048 million to ¥45,564 million and the equity ratio from 42.5% to 41.0%. - FY2024-Q3Cash and net assets increased; equity ratio declinedAnnual report
「Cash and deposits 18,517,098 20,153,458 Total net assets 43,182,619 44,974,302 Equity ratio (%) 42.9 42.2」
From the end of the previous consolidated fiscal year, cash and deposits increased from ¥18,517 million to ¥20,153 million and net assets from ¥43,183 million to ¥44,974 million, while the equity ratio declined from 42.9% to 42.2%. - FY2024-Q2Continued increase in cash and net assets; equity ratio declinedAnnual report
「Cash and cash equivalents during the first six months of the current fiscal year increased by ¥3,415 million from the end of the previous consolidated fiscal year to ¥21,852 million.」
Cash and cash equivalents increased by ¥3,415 million from the end of the previous fiscal year to ¥21,852 million, and net assets were ¥45,787 million, while the equity ratio declined from 42.9% to 42.1%. - FY2024-Q1Cash and net assets increased; equity ratio declinedAnnual report
「Cash and deposits 18,517,098 19,776,707 Total net assets 43,182,619 44,484,355 Equity ratio (%) 42.9 42.0」
Cash and deposits and net assets increased from the end of the previous fiscal year, while the equity ratio declined from 42.9% to 42.0%. The financial indicators moved in opposite directions. - FY2023Equity ratio up, cash slightly down, borrowings increasedAnnual report
「Cash and cash equivalents during the current consolidated fiscal year decreased by ¥79 million from the end of the previous consolidated fiscal year due to factors including profit before income taxes and other adjustments, ending the current consolidated fiscal year at ¥18,437 million. As a result, the equity ratio increased by 2.2 percentage points to 42.9%.」
Cash declined slightly, while the equity ratio rose from 40.7% to 42.9% due to an increase in net assets. Despite improved financial soundness, the balance of borrowings increased to ¥30.4 billion. - FY2023-Q3Decrease in cash; increase in equity ratioAnnual report
「Cash and deposits 18,516,683 15,816,984 Total net assets 40,231,016 42,410,442 Equity ratio (%) 40.7 43.3」
Cash and deposits decreased from ¥18,517 million at the end of the previous fiscal year to ¥15,817 million, while net assets increased to ¥42,410 million and the equity ratio rose to 43.3%. - FY2023-Q2Decrease in cash; increase in equity ratioAnnual report
「Cash and cash equivalents during the first six months of the current fiscal year decreased by ¥1,631 million from the end of the previous consolidated fiscal year to ¥16,885 million.」
Cash and cash equivalents decreased by ¥1,631 million from the end of the previous fiscal year, while the equity ratio rose from 40.7% to 42.7%. Cash flow from operating activities declined from the same period of the previous year, while spending on investing activities increased. - FY2023-Q1Improved cash and equity ratio; borrowings increasedAnnual report
「Cash and deposits 18,516,683 18,777,542 Net assets 40,231,016 42,801,756 Equity ratio (%) 40.7 41.4」
Cash and deposits, net assets, and the equity ratio all increased from the end of the previous fiscal year. Meanwhile, the combined total of short-term borrowings, current portion of long-term borrowings, and long-term borrowings increased, indicating that financial improvement coexisted with an increase in borrowings. - FY2022Improved cash and equity ratio; borrowings increasedAnnual report
「As a result, the equity ratio increased by 0.1 percentage points to 40.7%.」
Cash and cash equivalents increased from ¥13,940 million to ¥18,516 million, and the equity ratio rose from 40.6% to 40.7%. Meanwhile, the balance of borrowings increased, indicating that improvement in the financial position coexisted with an expansion of debt. - FY2022-Q3MitigatedAnnual report
「Cash and deposits 14,316,276 16,504,947 Total net assets 33,769,556 38,185,645 Equity ratio 40.6 41.2」
From the end of March 2021 to the end of December 2021, cash and deposits increased from ¥14,316 million to ¥16,505 million and net assets from ¥33,770 million to ¥38,186 million. The equity ratio also rose from 40.6% to 41.2%, improving after the declines seen through the immediately preceding quarter. - FY2022-Q2Increase in cash and decline in the equity ratioAnnual report
「Cash and cash equivalents (hereinafter, "funds") during the first six months of the current fiscal year increased by ¥3,981 million from the end of the previous consolidated fiscal year to ¥17,921 million.」
Cash and cash equivalents increased by ¥3,981 million from the end of the previous fiscal year to ¥17,921 million. Meanwhile, the equity ratio declined from 40.6% to 40.0%, indicating conflicting movements among the financial position indicators. - FY2022-Q1Increase in cash and decline in the equity ratioAnnual report
「Cash and deposits 14,316,276 17,201,401 Total net assets 33,769,556 35,024,826 Equity ratio (%) 40.6 39.1」
From the end of March 2021, cash and deposits increased from ¥14,316 million to ¥17,201 million and net assets from ¥33,769 million to ¥35,024 million. Meanwhile, the equity ratio declined from 40.6% to 39.1%. - FY2021ReframedAnnual report
「In terms of financial soundness, we aim to improve the debt-to-equity ratio (DE ratio) and equity ratio, while improving return on equity (ROE) as a measure of capital efficiency and return on invested capital (ROIC) to enhance corporate value. We will also further promote improvements in the cash conversion cycle (CCC), while strengthening efforts to maximize cash flow and improve capital efficiency through the use of cash on hand and other measures.」
The company explicitly added ROIC as a corporate value metric alongside financial soundness, ROE, and CCC, thereby broadening its capital efficiency framework. The equity ratio rose from 39.8% to 40.6%, while cash and cash equivalents were ¥13,940 million. - FY2021-Q3WorsenedAnnual report
「Cash and deposits 15,321,066 11,984,353」
Cash and deposits decreased from ¥15,321 million at the end of March 2020 to ¥11,984 million at the end of the third quarter of the current fiscal year. Meanwhile, net assets increased and the equity ratio was 39.9%. - FY2021-Q2WorsenedAnnual report
「Cash and cash equivalents during the first six months of the current fiscal year decreased by ¥3,670 million from the end of the previous consolidated fiscal year to ¥11,650 million.」
Cash and cash equivalents decreased by ¥3,670 million from the end of the previous fiscal year to ¥11,650 million. The equity ratio was also 39.6%, indicating continued pressure on the financial position. - FY2021-Q1WorsenedAnnual report
「Equity ratio 41.7 38.6 39.8」
The equity ratio was 38.6% at the end of the first quarter of the current fiscal year, down from 39.8% at the end of the previous consolidated fiscal year. - FY2020WorsenedAnnual report
「As a result, the equity ratio decreased by 3.8 percentage points to 39.8%.」
The equity ratio declined from 43.6% in the previous fiscal year to 39.8%, while borrowings increased to ¥23.7 billion, or 37.8% of total assets. - FY2020RestatedAnnual report
「We will further promote improvements in the cash conversion cycle (CCC), while strengthening efforts to maximize cash flow and improve capital efficiency through the use of cash on hand and other measures.」
The company maintained its policies of focusing on cash flow, financial soundness, capital efficiency, and balance-sheet improvement, while adding CCC improvement and the use of cash on hand. - FY2020-Q3Continued declines in cash, net assets, and equity ratioAnnual report
「Cash and deposits 13,940,193 11,577,759 Net assets 30,566,572 30,253,117 Equity ratio 43.6 41.7」
Cash and deposits decreased from ¥13,940 million at the end of the previous consolidated fiscal year to ¥11,577 million, while net assets declined from ¥30,566 million to ¥30,253 million. The equity ratio also declined from 43.6% to 41.7%. - FY2020-Q2Declines in cash, net assets, and equity ratioAnnual report
「Cash and cash equivalents (hereinafter, "funds") during the first six months of the current fiscal year decreased by ¥1,343 million from the end of the previous consolidated fiscal year to ¥12,597 million.」
Cash and cash equivalents decreased by ¥1,343 million from the end of the previous consolidated fiscal year. Net assets were ¥29,373,572 thousand and the equity ratio was 41.5%, down from ¥30,566,572 thousand and 43.6%, respectively, at the end of the previous fiscal year. - FY2020-Q1Lower net assets and equity ratioAnnual report
「Net assets were ¥29,559,913 thousand and the equity ratio was 41.7%.」
Net assets declined from ¥30,566,572 thousand to ¥29,559,913 thousand from the end of the previous fiscal year, while the equity ratio declined from 43.6% to 41.7%. - FY2019ReframedAnnual report
「The Group’s basic policy is to continuously enhance corporate value under an optimal, balanced capital structure, from the perspectives of financial soundness, capital efficiency, and shareholder returns. In terms of financial soundness, we aim to improve the debt-to-equity ratio (DE ratio) and equity ratio, and to increase return on equity (ROE), which indicates capital efficiency.」
In addition to the existing focus on cash flow, improving the financial position, and strengthening the balance sheet, the company presented a framework for capital structure and capital efficiency using the DE ratio, equity ratio, and ROE. - FY2019-Q3Lower net assets and equity ratioAnnual report
「Net assets (¥ thousands) 32,243,515 30,262,467 30,880,138 Equity ratio (%) 44.4 42.7 43.8」
At the end of the third quarter of the current fiscal year, net assets were ¥30,262 million, down from ¥30,880 million at the end of the previous consolidated fiscal year. The equity ratio also declined from 43.8% to 42.7%. Cash and deposits increased slightly from ¥15,602 million to ¥15,620 million. - FY2019-Q2Increase in cash and decline in the equity ratioAnnual report
「Cash and cash equivalents (hereinafter, "funds") during the first six months of the current fiscal year increased by ¥1,402 million from the end of the previous consolidated fiscal year to ¥16,962 million.」
Cash and cash equivalents increased by ¥1,402 million from the end of the previous consolidated fiscal year to ¥16,962 million. Meanwhile, the equity ratio declined from 43.8% to 43.2%. - FY2019-Q1Increase in cash and decline in the equity ratioAnnual report
「Cash and deposits 15,602,163 16,856,605 Total net assets 30,880,138 30,902,367」
Cash and deposits increased from ¥15,602 million to ¥16,856 million from the end of the previous consolidated fiscal year, and net assets increased slightly. Meanwhile, the equity ratio declined from 43.8% to 43.0%, and interest-bearing debt also increased. - FY2018Cash declined and interest-bearing debt increasedAnnual report
「The Group will work to strengthen earnings, use management resources effectively, and reduce interest-bearing debt through its financial strategy, while establishing a management base capable of responding flexibly to changes in the business environment and improving performance. We will also continue to promote management focused on cash flow, while pursuing further improvements in our financial position and strengthening the balance sheet.」
The policy of focusing on cash flow, reducing interest-bearing debt, and improving the financial position remains in place. Meanwhile, cash and cash equivalents decreased by ¥1,743 million from the end of the previous fiscal year, and the balance of interest-bearing debt was ¥21,087 million. - FY2018-Q3Improved financial position; cash declinedAnnual report
「At the end of the third quarter of the current fiscal year, total assets were ¥61,212 million, up ¥515 million from the end of the previous consolidated fiscal year. This was mainly due to increases in machinery and equipment and vehicles. Liabilities were ¥29,092 million, down ¥489 million from the end of the previous consolidated fiscal year, mainly due to decreases in notes and accounts payable. Net assets increased by ¥1,005 million from the end of the previous consolidated fiscal year to ¥32,119 million, mainly due to an increase in the foreign currency translation adjustment account. The equity ratio was 44.3%.」
Total assets and net assets increased, liabilities declined, and the equity ratio rose to 44.3%. Meanwhile, cash and deposits decreased from ¥17,203 million at the end of the previous consolidated fiscal year to ¥16,174 million. - FY2018-Q2Decrease in cash; increase in equity ratioAnnual report
「Cash and cash equivalents during the first six months of the current fiscal year decreased by ¥1,587 million from the end of the previous consolidated fiscal year to ¥15,716 million. Net assets were ¥31,842 million and the equity ratio was 44.4%.」
Cash and cash equivalents decreased by ¥1,587 million from the end of the previous consolidated fiscal year, while net assets were ¥31,842 million and the equity ratio was 44.4%. - FY2018-Q1Financial position improved; equity ratio unchangedAnnual report
「At the end of the first quarter of the current fiscal year, total assets were ¥61,365 million, up ¥669 million from the end of the previous fiscal year. This was mainly due to an increase in inventories. Net assets increased by ¥190 million from the end of the previous fiscal year to ¥31,305 million, and the equity ratio was 43.3%.」
Total assets and net assets increased from the end of the previous fiscal year, while the equity ratio was 43.3%. - FY2017-Q3Improvement in financial positionAnnual report
「At the end of the third quarter of the current fiscal year, total assets were ¥61,094 million, up ¥667 million from the end of the previous fiscal year. This was due to an increase in accounts receivable and other current assets, despite a decrease in securities. Liabilities were ¥29,895 million, down ¥165 million from the end of the previous fiscal year. This was due to a decrease in accounts payable and other current liabilities, despite increases in accounts payable and interest-bearing debt. Net assets increased by ¥833 million from the end of the previous fiscal year to ¥31,199 million, mainly due to an increase in retained earnings. The equity ratio was 43.3%.」
Total assets increased by ¥667 million and net assets by ¥833 million from the end of the previous fiscal year, while liabilities decreased by ¥165 million. The equity ratio was 43.3%. - FY2017-Q2Continued deterioration in financial positionAnnual report
「Cash and cash equivalents (hereinafter, "funds") during the first six months of the current fiscal year decreased by ¥2,958 million from the end of the previous consolidated fiscal year to ¥17,451 million.」
Cash and cash equivalents decreased by ¥2,958 million from the end of the previous consolidated fiscal year to ¥17,451 million. Net assets were ¥28,098 million and the equity ratio was 42.3%. - FY2017-Q1Deterioration in financial positionAnnual report
「At the end of the first quarter of the current fiscal year, total assets were ¥58,599 million, down ¥1,827 million from the end of the previous fiscal year. This was mainly due to a decrease in cash and deposits. Net assets decreased by ¥2,309 million from the end of the previous fiscal year to ¥28,056 million, and the equity ratio was 40.9%.」
Total assets and net assets declined from the end of the previous fiscal year, and the equity ratio was 40.9%. This was a change in the financial position at the end of the quarter, not a change to the financial position improvement target itself. - FY2016First statedAnnual report
「We will continue to promote management focused on cash flow, while pursuing further improvements in our financial position and strengthening the balance sheet.」
The company aims to improve its financial position and strengthen its balance sheet by focusing on cash flow, and has also referred to reducing interest-bearing debt.